A commissioned study conducted by Forrester Consulting on behalf of BitSight demonstrates how to mitigate risk and generate revenue with metrics that matter.
Enhanced Cybersecurity Protection with BitSight
Cybersecurity incidents are one of the greatest threats facing organizations today. Breaches can have significant financial impact and result in theft of intellectual property and customer data. Cyberattacks also cause damage to an organization’s reputation, jeopardizing relationships with customers, investors, and partners.
The number and sophistication of attacks continues to rise, even though organizations have been ramping up investments in cybersecurity protection. As a result, security teams face pressure to prove the effectiveness of programs and justify cybersecurity budgets. To manage cybersecurity efforts most effectively, security and risk leaders need solutions to continuously monitor, measure, and communicate the performance of information security controls and programs designed to protect their organization from cybersecurity threats.
BitSight can help. BitSight for Security Performance Management provides the tools to measure the performance of cybersecurity programs and align investments with activities that produce the highest measurable impact over time. With BitSight, security professionals can direct their limited resources to the areas of critical need and greatest risk, while facilitating data-driven conversations on cybersecurity protection with key stakeholders.
The Challenge of Cybersecurity Protection
Spending on cybersecurity protection increases year-by-year. Worldwide spending on information security products and services is forecasted to grow 8.7% to 124 billion, according to Gartner. Forrester reports that 28% of IT budgets for US private sector companies are directed to cybersecurity efforts.
Despite this investment, the number of breaches annually continues to rise – as do the costs of recovering from an attack. Ponemon Institute reports that the average data breach costs a company $3.86 million. US-based breaches are among the most expensive, averaging $7.91 million per breach. Forrester reports that two-thirds of organizations experience an average of five or more security breaches over a two-year period.
Adding to the challenge of cybersecurity protection, organizations are under greater pressure to comply with regulations like GDPR, HIPAA, Criminal Justice Information Services (CJIs), and NYDFS Cybersecurity Regulation (23 NYCRR 500).
To increase ROI on cybersecurity budgets, reduce the cost of breaches, and ensure compliance with regulatory frameworks, organizations need a better way to measure, monitor, and manage security performance. That’s where BitSight comes in.
BitSight for Security Performance Management
BitSight for Security Performance Management offers a risk-based, outcome-driven approach to managing the performance of cybersecurity programs. With BitSight, security leaders can easily quantify the impact and effectiveness of security investments and identify gaps in performance. With tools for broad measurement, continuous monitoring, and detailed planning and forecasting, BitSight enables organizations to:
- Gain greater visibility into cyber risk across the entire attack surface – from data on-premises to assets in the cloud and from subsidiaries to remote and home offices.
- Identify gaps in cybersecurity protection and programs through continuous cyber security monitoring.
- Allocate limited resources and prioritize security efforts and initiatives.
- Quantify the impact and effectiveness of security investments.
- Make informed cybersecurity policy decisions to better manage security tools, technologies, and people.
- Ensure that investments in security controls are efficient and effective.
- Drive accountability for security outcomes throughout the organization.
How BitSight Ensures Cybersecurity Protection
BitSight for Security Performance Management offers all the capabilities security leaders need to monitor security programs and enhance cybersecurity protection.
- Attack surface analytics deliver visibility into cyber risk exposure across the entire digital ecosystem.
- Internal assessment helps security leaders assess current performance and develop a plan of action to remediate vulnerabilities.
- Executive reporting facilitates data-driven business conversations about security that help to align priorities, investments, and efforts at every level of the organization.
- Benchmarking enables organizations to compare their security posture to competitors and peers to uncover gaps in programs and see how others prioritize security efforts.
- Forecasting allows security teams to project expected future security ratings based on a given plan and to track progress toward that goal over time.
- Peer analytics provide an in-depth view of how an organization performs in comparison to a meaningful set of peers, helping to focus investments for greater impact.
- NIST and ISO framework mapping simplifies the task of comparing an organization’s results to broadly adopted cyber security frameworks.
Why Choose BitSight for Cybersecurity Protection?
BitSight is trusted by many of the world’s largest organizations to provide security ratings and solutions that improve cybersecurity and third-party cyber risk management. Founded in 2011, BitSight has become the world’s leading security rating service, helping organizations to transform the way they manage security and risk.
- Greater visibility into an organization’s digital footprint, risks, security gaps, and performance of security programs.
- An engaged community with over 2,100+ BitSight customers monitoring 540,000 organizations to collectively reduce cyber risk.
- Effective prioritization of efforts to address the largest areas of cyber risk.
- Context that enables boards, executives, security leaders, and practitioners to extract more value and insight from their security ratings and cyber risk metrics.